摩根士丹利：中国制造业 PMI 有望反弹至 50 以上

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies covered [21]. Core Insights - The report highlights a rebound in China's Manufacturing PMI to 50.3 in May from 49 in April, indicating a recovery in manufacturing activity [3]. - The Bank of Korea (BOK) is expected to cut rates by 25 basis points and revise its growth forecast down from 1.5% to a range of 1.0-1.1% [5][9]. - In Australia, the Consumer Price Index (CPI) for April is reported at 2.4%, with construction work done increasing by 0.5% quarter-on-quarter and 1.4% year-on-year [9][12]. - Retail sales in Australia showed a modest increase of 0.2% month-on-month and 4.3% year-on-year, reflecting cautious consumer sentiment [9][12]. - Japan's Consumer Confidence Index stands at 32.5 in May, with retail sales increasing by 3.0% year-on-year [10]. Summary by Relevant Sections China - Manufacturing PMI rebounded to 50.3 in May, indicating improved manufacturing conditions [3]. Korea - BOK is expected to cut rates by 25 basis points, with a revised growth forecast of 1.0-1.1% [5][9]. Australia - CPI for April is at 2.4%, with construction work done increasing by 0.5% quarter-on-quarter and 1.4% year-on-year [9][12]. - Retail sales increased by 0.2% month-on-month and 4.3% year-on-year, indicating cautious consumer behavior [9][12]. Japan - Consumer Confidence Index is at 32.5 in May, with retail sales up by 3.0% year-on-year [10].